MRG METALS LIMITED — Capital/Financing Update 2012

Mar 4, 2012

5 MAR 2012 ASX ANNOUNCEMENT

MRG PRIORITISES TENEMENTS AND SELLS NON CORE ASSETS

The Board of MRG has finalised its review of all the current Tenements. In light of recent developments and acquisitions, MRG has decided there was a need to reduce the number of Tenements in the portfolio. Key elements to this decision being:

• Need to prioritise exploration expenditure across the most prospective projects.

• The preliminary exploration results across the retained Tenements warrant focus of management time and Company resources.

• Interest of 3[rd] parties created opportunities.

• Potential to look at other opportunities and acquisitions.

• Timing of Tenement anniversary dates and near term expenditure requirements.

MRG has decided to sell its exploration licenses at Bell Chambers, Diorite and Mulgul.

Terms of the sale include the retention of future interest via a royalty agreement which varies during the exploration phase through to a full net smelter royalty once in the production phase.

The Board is now committed to focussing on the remaining projects namely:

Kalgoorlie East Project (Gold and Nickel)

• Initial and follow up infill soils show anomalous areas.

• Ground electro-magnetics and RAB drilling Program of Work commenced.

• • Refer ASX announcement 30/1/12.

Collie South Project (Coal and Bauxite)

• The compilation has resulted in the identification of 7 areas of high priority.

• • The Company will now follow up and commence reconnaissance mapping. - Refer ASX announcement 30/1/12.

Xanadu Project (Gold)

• All historical data relevant to the project dating back to the mid-1980’s was acquired in both digital and hard copy format.

Company Information Directors

Albert Pietrzak Non Executive Chairman Andrew Van Der Zwan Managing Director Shane Turner Non Executive Director & Company Secretary

MRG aspires to become an investment of choice, focused on: The discovery of gold, base metals and other commodities which fit its growth strategy

ABN: 83 148 938 532 ASX Code: MRQ Level 1, 1-3 Bath Lane Ballarat, VIC 3350 PO Box 237 Ballarat, VIC 3353 Phone: +61 3 5330 5800 Phone: (Mel) +61 3 9642 8575 Fax: +61 3 5333 1667 Website: www.mrgmetals.com.au Email: info@mrgmetals.com.au

Quick Facts as at March 05, 2012 Shares on Issue: 88 million Market Cap: A$20 million Options: 44 million Cash in Bank: approx. A$5 million Debt: Nil

• Detailed analysis almost completed.

• Recent nearby discoveries auger well for future exploration.

• Refer ASX announcement 30/1/12.

Braemore Battery (Gold and Copper)

• A soil programme has been planned at Braemore to cover the northern portion of the project which overlie the historical Au-As anomalies.

• • This sampling programme has been scheduled for the first Quarter of 2012, with approximately 500 samples planned.

Current Projects:

Kalgoorlie East (Gold, Nickel) Collie South (Coal, Bauxite) Xanadu (Gold) Braemore Battery (Gold, Copper)

Royalty Interest

Diorite (Gold) Bell Chambers (Gold, Copper) Mulgul (Gold, Copper)

Andrew Van Der Zwan Managing Director